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Stocks lose 0.63% in morning trade
By Lu Nengneng |
December 5, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended its losses from last week in the morning session as investors continued to worry about China's ability to engineer a soft landing while maintaining hard-line measures to cool down the housing market.
The Shanghai Composite Index declined 0.63 percent to 2345.78 points by noon break. Turnover shrank to 25.6 billion yuan (US$ 4.03 billion) from 57.3 billion yuan.
The Ministry of Housing and Urban-Rural Development on Saturday reiterated the need for a consistent policy to curb inflating real estate prices, saying that the restrictions on the number of homes a person is allowed to buy will be extended after some expire within months.
Property plays dropped as the purchase restrictions impose further pressure on their cash flow outlook.
China Vanke, China's largest listed developer sank 1.22 percent to 7.29 yuan. Xi'an Gree Real Estate slumped 4.03 percent to 5.48 yuan.
Cement producers and home appliance retailers also led the retreat as falling house purchases could cool down demands on their markets.
Conch Cement lost 1.66 percent to 16.57 yuan. Suning Appliance, the country's largest electrical appliance retailer, dropped 2.91 percent to 8.66 yuan.
Financials surged despite warnings from the International Monetary Fund that sharp property price drops could shake the financial system as the reserve-requirement ratio cut ordered by the central bank, effective today, will provide them with liquidity again.
China Construction Bank jumped 1.68 percent to 4.83 yuan. Ping An Insurance Group added 1.32 percent to 37.56 yuan.
The Shanghai Composite Index declined 0.63 percent to 2345.78 points by noon break. Turnover shrank to 25.6 billion yuan (US$ 4.03 billion) from 57.3 billion yuan.
The Ministry of Housing and Urban-Rural Development on Saturday reiterated the need for a consistent policy to curb inflating real estate prices, saying that the restrictions on the number of homes a person is allowed to buy will be extended after some expire within months.
Property plays dropped as the purchase restrictions impose further pressure on their cash flow outlook.
China Vanke, China's largest listed developer sank 1.22 percent to 7.29 yuan. Xi'an Gree Real Estate slumped 4.03 percent to 5.48 yuan.
Cement producers and home appliance retailers also led the retreat as falling house purchases could cool down demands on their markets.
Conch Cement lost 1.66 percent to 16.57 yuan. Suning Appliance, the country's largest electrical appliance retailer, dropped 2.91 percent to 8.66 yuan.
Financials surged despite warnings from the International Monetary Fund that sharp property price drops could shake the financial system as the reserve-requirement ratio cut ordered by the central bank, effective today, will provide them with liquidity again.
China Construction Bank jumped 1.68 percent to 4.83 yuan. Ping An Insurance Group added 1.32 percent to 37.56 yuan.
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